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Exodus Movement Delays NYSE American Listing Due to SEC Review
Exodus Movement, a leading crypto wallet company, has announced a delay in its planned listing on NYSE American, the sibling market of the New York Stock Exchange. The company cited the ongoing review by the U.S. Securities and Exchange Commission (SEC) as the reason for the delay.
Details of the Delay
NYSE American informed Exodus that the SEC staff was still reviewing the company’s registration statement, which became effective at the end of April. This unexpected update has led Exodus to postpone its uplisting from over-the-counter (OTC) trading. As a result, Exodus’ Class A Common Stock will continue to trade on OTCQX for now.
Exodus’ Future Plans
Although the uplisting was expected to enhance stock liquidity and expand the company’s global shareholder base, the SEC review has prompted Exodus to reconsider listing on a national securities exchange at a later date, once the regulatory process is complete.
Recent Developments in the Crypto Wallet Industry
Exodus’ decision to delay its NYSE American listing coincides with ACINQ’s Phoenix Wallet and zkSNACKs’ Wasabi Wallet discontinuing services for U.S. customers due to regulatory concerns.
Regulatory Concerns and Actions
Regulatory agencies have been cracking down on self-custodial cryptocurrency wallet providers, with concerns that they may facilitate illicit activities like money laundering. Recent actions against Consensys and Samourai Wallet have heightened these concerns.
Consensys and Samourai Wallet Incidents
Consensys, the creator of MetaMask, received a Wells notice from the SEC, while the co-founders of Samourai Wallet are facing charges of money laundering brought by the U.S. Justice Department and other agencies. These incidents have raised questions about the regulatory landscape for self-custodial wallet providers.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
